The survey of 25,000+ consumers across 16 countries found that 82% of insurance consumers now use Gen AI, while 72% expect AI to influence at least half of their insurance shopping within the next 12 months, rising to 86% among Gen Z and Millennials.
The data also points to a potential shift in distribution. Gen AI platforms have already overtaken price comparison websites as an insurance research source among Millennials (27% vs 16%) and Gen Z (26% vs 11%).
WHAT: AI is coming for the home and car/auto insurance renewal - and over 70% of consumers say it will shape how they purchase cover within 12 months (NEW Accenture data)
BACKGROUND:
The insurance industry has historically been one of the most complex categories for consumers - from confusing policy small print to huge volumes of documentation and an often overwhelming research and purchase journey. Comparison sites and brokers have undoubtedly made it simpler, but many consumers still tend to renew rather than switch providers.
Accenture's latest global survey of 25,000+ consumers across 16 countries, presented in the report, "Talk to my AI Agent” finds that AI is already reshaping how consumers find, compare, and think about home and car/auto insurance, and that the sector's traditional competitive advantage, inertia, will be challenged.
That has profound implications not just for insurers, but for the entire distribution chain. If an AI agent can read the small print, compare every policy on the market, and switch on the consumer's behalf at renewal - what role remains for comparison websites and brokers in home and car/auto insurance, and how can insurers adapt their products, offerings and service when their new customer is increasingly an AI agent?
KEY FINDINGS:
82% of insurance consumers are now Gen AI users, with 72% expecting AI to influence at least half of their insurance shopping within 12 months - rising to 86% of Gen Z and Millennials. AI isn't arriving in insurance - it's already here, and it's moving faster than most of the industry has planned for.
37% say Gen AI has already encouraged them to consider insurers they weren't previously considering, and 47% say it has helped them find better products than they would have found on their own. 70% of insurance consumers agree that Gen AI tools help them make better decisions faster.
Price comparison websites face a growing disintermediation threat from AI - Gen AI platforms have already overtaken them as a research source among Millennials (27% vs 16%) and Gen Z (26% vs 11%), the consumers who will define the market.
Consumers aren't just using AI to cut costs - 46% trust AI recommendations for insurance and want it to surface quality and claims reliability alongside price. Propositions that are legible to an AI agent will win; those that aren't will be bypassed.
33% say they'd want a personal AI agent to manage customer service on their behalf - including making claims, rising to 43% of Millennials. For a sector where the claims moment is where relationships are made or broken, this represents both opportunity and risk.
Only 8% want a personal AI agent to handle all insurance steps fully autonomously. The majority of consumers want collaboration, not delegation - AI that works alongside them, cuts through the complexity, and hands back control at the moments that matter. 42% say they want to understand and review options themselves before any agent takes action: transparency and explainability are no longer just regulatory requirements in insurance, they are consumer expectations.
Payment remains the hardest boundary: 31% won't let an AI agent near a payment decision, and of those who will, strong security and fraud protection is the #1 requirement - cited by 41% in their top three, ahead of transaction visibility or the ability to cancel.
Will Pritchett, Insurance Lead for Accenture in the UK & Ireland commented: “Price comparison websites have shaped how most people in the UK buy home and motor insurance for years, but that’s clearly starting to shift.”
“What we’re seeing now is the emergence of AI agents that can do far more than compare quotes – they can scan the whole market, understand policy detail and act on a customer’s behalf. That puts real pressure on insurers to make sure their products are visible and easily understood by AI, or risk not being considered at all.
“But this isn’t just a better price comparison tool, it has the potential to reshape how people buy insurance. AI-led journeys could make the process faster, more intuitive and better tailored, helping people focus on the cover they actually need rather than defaulting to the lowest price. For insurers, that’s a once-in-a-generation opportunity to shape how their brand is viewed. Those that make their products clearer, more personalised, and easy for AI to interpret, can stand out in a much more competitive market.”
|
